A Wall Street Genius's Final Investment Playbook-Chapter 86

Relying solely on my own power to find the whistleblower would be foolish. Matters like this require the touch of an expert. That’s why I had researched several detective agencies in Silicon Valley in advance. However, finding someone who met my criteria wasn’t easy. I visited four places, only to come up empty-handed.

"Should I give up…?"

As I wrestled with the thought, I knocked on the fifth door. Finally, the person I was looking for appeared.

"Do you know of a place called Theranos?" I asked.

At my question, the man’s expression shifted ever so subtly. He knew about Theranos.

"What business do you have with Theranos…?" he started cautiously.

"Before we get into the specifics, I’d like to confirm any potential conflicts of interest. Have you ever worked for Theranos in the past?"

Instead of answering immediately, the man scrutinized me with a suspicious gaze. I waited nervously.

‘He couldn’t possibly be connected to Holmes, could he…?'

If that were the case, he might tip off Holmes about my visit. Just hearing, "Some Asian guy is investigating Theranos," would immediately point to me under the circumstances. But that possibility seemed slim. Theranos had a prominent Silicon Valley law firm on retainer, and further digging revealed that the firm employed an in-house investigator. If they were conducting any background checks, they were more likely to rely on internal personnel than hire outsiders.

Still, nothing in life is certain. Holding onto hope, I waited for his response. After a deep sigh, the man finally spoke.

"I have a duty to protect my clients' confidentiality. You can’t just ask me something like this out of the blue…"

"Understandable," I replied with a smile, opening my briefcase. I pulled out a stack of cash and placed it on the desk with a resounding thud.

His eyes widened in astonishment.

"Ten thousand dollars, upfront. Is there a conflict of interest?"

He swallowed hard, then gave a straightforward answer.

"I’ve been hired to investigate Theranos in the past, but I’ve never had direct contact with them."

I barely managed to suppress a smile.

‘Lucky break.'

I had been specifically searching for a detective with experience investigating Theranos. There were several reasons for this. Such a person would likely have the expertise to speed up the investigation, could confirm the existence of other clients, and might even serve as a bridge to connect me with key individuals. But that was for later.

"So, what exactly is your request?" the man asked, finally tearing his gaze from the cash.

"I’d like you to gather information on former employees of Theranos and the reasons for their departures," I said firmly.

"That won’t be easy," he replied.

"Which is why I’m hiring an expert. I’ll pay $10,000 per individual, upfront."

"…!"

His eyes widened again, taken aback by the extraordinary sum—five times the standard rate.

"But this must be done in absolute secrecy. The deadline is two months, and I expect the reports to be delivered incrementally. If I’m satisfied, I’ll have additional work for you."

At that, a greedy smile spread across his lips.

"I should be able to deliver the first report within three days."

Such a swift response could only mean one thing: he already had a lead. This increased the likelihood that his previous client was a former Theranos employee.

"Also, if there’s anyone interested in contacting me, feel free to pass along my information," I added, implying that he could share my details with his former client.

‘It would be great if someone reached out…'

If my hunch was correct, his former client was not just any ex-employee but someone actively attempting to expose Theranos—a prime whistleblower candidate.

***

My next destination was Café Karma, a spot I had once been told was popular among Theranos employees.

At 4 p.m., the perfect time for a coffee craving, a group of people wearing Theranos employee badges occupied part of the café. I chose a seat nearby and opened my laptop, pretending to work while eavesdropping on their conversation.

“We're not CIA agents, so why all the drama whenever an investor visits?” one complained.

“And what’s with the order not to make eye contact? Do they think we’re going to spill secrets or something?” another added.

Holmes’ paranoid directives were on full display. But this was just the beginning.

“Did you hear someone else quit the R&D team?”

“Yeah, what’s the excuse this time?”

“They’re saying he moved to L.A. to be closer to his girlfriend or something…”

“Same old excuses. Moving away, family issues… It’s getting old.”

I couldn’t help but smile. Their complaints confirmed the exact pattern I was investigating. What would conscientious employees do once they uncovered the truth about Theranos? Many would quit.

Indeed, abrupt resignations seemed to be a common occurrence at Theranos.

“Even the people they poached from Ampl aren’t sticking around.”

“Why would they? What’s the point of staying?”

A mass exodus of former Ampl employees… This was critical information to relay to the detective. They were all prime whistleblower candidates.

The conversation continued down fascinating paths.

“These IT freaks threw a fit just because I brought a USB! I didn’t even use it—just had it with me.”

“What kind of company bans USBs altogether?”

“And don’t get me started on the document inspections. It’s like a dictatorship.”

Holmes and Sharma’s obsessive control exceeded my expectations. Banning USBs and inspecting printed materials? That said it all.

‘Gathering physical evidence will be tough.'

Even if someone wanted to expose the company, the system was designed to block all avenues. Employees could only access information from their own departments, and leaks through email or messaging were tightly monitored.

As this goldmine of information poured in, time flew by. Soon, employees began leaving one by one, and the clock struck six.

‘Time to move on.'

***

My final destination was ‘The Crown’, a bar Emily had strongly recommended. She’d mentioned their dark beer was exceptional.

I chose the most conspicuous spot on the outdoor terrace, though I wasn’t certain Emily would show up.

‘The bait was too weak.’

Even if she didn’t come, there were other individuals I could contact through the detective. It would be great if she showed up, but it wasn’t essential. Steeling myself with this thought, I ordered the dark beer she had recommended.

“Worthy of the hype.”

I couldn’t help but marvel at the first sip. The creamy foam and the pleasantly bitter aftertaste left a deep impression. It was among the best dark beers I’d ever tasted—even across lifetimes, it seemed.

Savoring the beer, I opened my laptop.

A little after 7:30, a familiar voice broke my focus.

“Oh my, you really came?”

I looked up, feigning surprise, to see Emily standing there. Before I could react, she introduced her companion.

“This is Sean—he attended today’s investor presentation. And this is Christine, a colleague from my team.”

It seemed Emily had brought a colleague along to mask her interest in meeting me. Perhaps she wanted to pass this off as a casual drink with a coworker, conveniently stopping by on her way. If I did nothing, there was a chance they’d just exchange pleasantries and leave.

At this juncture…

“Sorry for interrupting earlier today. Let me buy you both a drink. What would you like?”

When I invited them to join me, they hesitated briefly but then took seats at my table.

After placing our orders, I gestured to my laptop.

“Apologies, but I have an urgent matter to finish. Could you spare me just five minutes?”

“Of course,” Emily replied.

“Take your time,” Christine added.

With their consent, I pretended to concentrate on my screen for a while. Occasionally, I could feel curious glances, but I ignored them.

Of course, there was a reason behind this deliberate behavior. Whistleblowing is an incredibly sensitive matter.

For someone to open up to a stranger like me, I needed to build rapport.

This was part of that setup.

After a short while, I exhaled deeply and pushed my laptop aside.

“Apologies again.”

“You work at Goldman, right? Seems like the workload is intense there,” Emily said, seemingly impressed.

Christine, however, looked unimpressed. She appeared skeptical of me, her demeanor less than welcoming.

“So, what exactly does an investment bank do?” she asked.

“Well…” I said with a wry smile, “things like this.”

Turning my laptop screen toward them, I showed them something that caught their attention.

“Are we allowed to see this?” Christine asked.

“It’s fine. It’s a league table—publicly available data,” I replied.

“League table?”

“In simple terms, it’s a ranking of investment banks.”

Their eyes filled with curiosity as they leaned in to examine the screen.

<Global M&A Advisory Rankings>

Under this title was a list of investment banks ranked by deal size and frequency, featuring familiar names like Morgan Stanley and JP Morgan Chase.

“Goldman is at the top, as expected,” Emily remarked in awe.

I took a quiet sip of beer and replied, “Look at the footnote.”

“Footnote?”

Finally, their eyes drifted downward.

<Feb 2010–Sep 2013, deals between $1 billion and $3 billion, excluding China>

“?”

“?”

Seeing their puzzled expressions, I explained with a bitter smile.

“In absolute terms, Morgan Stanley is actually number one.”

League tables were a battleground for creative manipulation. Every investment bank’s pitch deck claimed to be number one in some category.

“The key is crafting a world where Goldman inevitably comes out on top,” I said, revealing the truth behind the rankings.

Christine’s expression changed.

“This is practically manipulation, isn’t it?”

Her voice carried a sense of righteousness, which surprised me. It’s rare for Theranos employees to show such a moral stance. Clearly, not all staff were aware of the company’s fraudulent practices. Christine, at least, seemed unaware.

“It’s not manipulation. The footnote is clearly stated,” I replied.

“But it’s intentionally misleading, isn’t it?”

“Well… that’s true,” I admitted.

Feigning guilt, I stared at the table, only for Christine’s sharp voice to cut through the silence.

“This can’t just be ignored! Have you reported this?”

“This is all within legal bounds. Even if I tried, nothing would change…”

“That kind of mindset is the problem! That’s exactly why the financial crisis happened!”

‘Wow, she’s really coming at me hard for a first meeting.’

As I mulled over her fiery remarks, Emily stepped in with an apologetic expression.

“Sorry, she’s a bit sensitive about this topic. She even participated in the Occupy Wall Street protests.”

Occupy Wall Street…

That explained her reaction when I mentioned Goldman earlier.

‘This could work in my favor.’

I darkened my expression further and muttered, “Yes, I know the system is flawed.”

“Then you should do something about it! Sitting back and doing nothing makes you complicit. You should go to the media or something!”

“I don’t think it would make much of a difference…”

“That’s just an excuse! How can you say that without even trying?”

I glanced at Emily with a faint smile. Her expression was even darker than mine.

In a way, our situations were strangely similar.

I was an employee at a prestigious bank outwardly, but in reality, I was someone who thrived on cunning deceptions. Similarly, Theranos portrayed itself as a revolutionary company caring for people, but it was a fraud that relied on fake blood tests.

Christine’s sharp criticisms likely struck a nerve with Emily as well.

“You have to do something! Standing by makes you an accomplice!”

As Christine’s voice grew louder, Emily finally spoke up.

“Those are the words of someone who doesn’t know the reality. When you’re actually in that position, it’s not so simple.”

She had taken my side.

With that one statement, an invisible bond formed between us. However, I knew better than to rush things. The real game was just beginning.